2019 HALF-YEAR RESULTS26 September 2019

The leading property company specialising in low cost retail parks

2

Grand Épagny Retail Park,, Épagny (74)

Key figuresof the first half of 2019

€22.4m GRI (1) + 4,7% vs HY1 2018

47.6 %LTV (4)

€810mtotal asset value (2) + €50M vs Dec. 2018

7.3%capitalisation rate (5)

€25.6RNAV (3)

494,000sqm of surface area

(1) Gross rental income(2) Excl. transfer fees (incl. group share of Cherbourg and Studio Prod

and assets held for sale)(3) Triple net/share(4) Adjusted for security deposits and hedging instruments(5) Annualised rental income + ERV of vacant spaces/value excluding

transfer

3

Selection of key performance indicators

1.4%

4.8%

0.0%

2.0%

4.0%

6.0%

8.0%

Occupancy rate Turnover

Overdue rate Reinvoicing of charges rate

94.4%

90.8%

86.0%

88.0%

90.0%

92.0%

94.0%

96.0%

Retail park Shopping CentreShopping Mall

Retail park Shopping CentreShopping Mall

Retail park Centre commercialGalerie marchande

Retail park Centre commercialGalerie marchande

1.8%

2.8%

0.0%

1.0%

2.0%

3.0%

4.0%

Note: turnover of rents

Group: 94.0%

Group: 2.0%

Group: 2.1%

85.6%

63.1%

50.0%

60.0%

70.0%

80.0%

90.0%

Group: 78%

4

234

1

Financials

Strategy and outlook

Appendices

Highlights

Karana retail park, Mulhouse (68)

51Highlights

Porte de la Dombes Retail park, Beynost (01)

6

Strengthening of positioning in an existing area CHAMPAGNE AU MONT D’OR (69)

3 700 sqm of sales space

150 parking spaces of which 50 underground

Catchment area of 460,000 inhabitants including 110,000 in the primary area

A project ideally located in the heart of one of the leading French shopping centres

A6

D306

PROJECT90,000 VEH/D

21,900 VEH/D

DECATHLONBHV

BOULANGERAUCHAN

BESSON

DARTYKIABI

CONFORAMA

LA HALLE

MCDONALD’S

CASTORAMA

CARREFOURÉCULLY

PAUL

CÔTÉ NATURE

CHAMPAGNE-AU-MONT-D’OR

To Lyon

To Roanne,Villefranche-sur-Saône

4 700 sqmof retail space on 2 levels leased to Cultura and Intersport

May 2019

7

Continuation of the acquisition strategy AISNE (02)

A significant investment in the Department of Aisne, a particularly attractive region in which up to now the group had only a little presence

A portfolio of four assets including two retail parks, located respectively within major shopping centres of the region

More than 30 commercial units benefiting from renowned tenants such as But, C&A, Darty, Decathlon, Générale d’Optique and Marie Blachère

An occupancy rate of the portfolio of nearly 98%

A4

A29

A26

A26

A34

N31

N2

Chauny

REIMS

Soissons

Château-Thierry

LaonChambry

To Paris

To Lille

To Amiens

To Charleville-Mézières

To Troyes

31 000 sqmof retail space

April 2019

€42.7m 7%

Les Portes de Soissons Château-Thierry

Total investment of €54.9m in HY1 2019

(with an average yield of 7.0%(1))

(1) Including rights and fees

8

Other highlights

Sale of two plots at Saint-Gaudens

Sale of 2 plots at Saint Gaudens (31) for a total amount of €2.5m(1) in line with the expert valuations

Signing of a €50m corporate credit line with LCL

Steady dividend growth

Dividend of €1.20 per share (+ 4.3%) validated at the General Meeting of 26 June 2019

A yield of 4.6% on the RNAV at 31/12/2018 and of 7.6% on the share price

(1) Net selling price

9

2Financials

10

Simplified P&L as at 30/06/2019

In €m 6 months30/06/2019

6 months30/06/2018

Changein %

Gross rental income 22.4 21.4 + 4.7%

Net rental income 20.7 18.9 + 9.1%

Operating expenses and other income (2.3) (2.2) + 1.2%

Normative EBITDA 18.4 16.7 + 10.1%

Net cost of debt (5.0) (4.6) + 6.9%

Funds from operations (FFO) 13.4 12.1 + 11.4%

Change in FV of properties (2.1) (1.5)

of which acquisition costs (2.5) (1.3)

of which change from reduced to full transfer fees (0.6) (1.5)

Change in FV of financial instruments (0.8) 0.2

Equity method investees 0.2 (0.9)

Other income and expenses 0.1 0.3

Net income 10.9 10.2 + 7.1%

Minority interest 1.1 (0.2)

NET PROFIT, GROUP SHARE 11.9 10.0 + 19.5%

11

Increase in gross rental income

+ 4.7%

Gross rental income HY1 2018

In €m

Constant scope

Acquisitions Disposals Restructuring Gross rental income HY1 2019

21.4

0.31.2 (0.4) (0.2)

22.4

€109/sqmAverage rental income retail parks

82%ILC

€273/sqmAverage rental income malls and SC

15%ICC

12

Growth of the FFO

FFO HY1 2018

In €m

Gross rental income

Normative EBITDA: + €1.7m

Service charges

reinvoicing

Other charges Net financial cost

FFO HY1 2019

12.1

1.00.7

0.0

(0.3)

13.4

+ 11.4%

13

Solid financial structure

789 (1)

356

409

64

21

1843

850 850

Assets June 2019

Other Other

Minorities

EquityRNAV/share €25.6

Borrowings and financial debt

Cash

Portfolio appraisal value€810m

incl. Group share of ownership in assets owned by entities

consolidated using the equity method

Liabilities June 2019

(1) Including assets held for sale

14

Continuous growth of assets

In €m

(1) Including assets held for sale

Investment property

1st January 2019 (1)

Investment property

30 June 2019 (1)

Acquisitions and deliveries

Sales Fair value

739.5 789.1

(2.1)(2.5)54.3

15

Monitored LTV ratio

400 70%

65%

60%

55%

50%

45%

40%

35%

30%

25%

350

300

250

200

150

100

50

0

Dec. 2015

Dec. 2016

Dec. 2017

Dec. 2018

June 2019

43.2% 43.6% 47.2% 45.0% 47.6%

262280

337 332

375

Net

deb

t in

m€

LTV

in %

16

Proactive management of the debt

Dec. 2014

Dec. 2015

Dec. 2016

Dec. 2016

Dec. 2018

June 2019

Mortgages

Bonds

Average interest rateInterest coverage ratio

Financial lease

3.60% 3.40% 3.10% 2.80% 2.68% 2.55%

3.32

3.46 3.48

3.70 3.74 3.72Debt structure

as at 30/06/2019

350

4.80%

4.40%

4.00%

3.60%

3.20%

2.80%

2.40%

2.00%

100

0

69%15%

16%

79%Hedged

5.1 yearsAverage maturity

17

3Strategy and outlookPatrimoine & Commerce, a high-yield real estate company

Les Montagnes Ouest retail park, Champniers (16)

18

A critical size actor in France

494,000sqm of commercial space

67retail parks

6shopping centres/ shopping malls

3tertiary buildings

6regional offices

76assets

€810m(1)

of asset value

Key figures at 30 June 2019 A dense territorial network

Asset value evolution (in €m)

(1) Asset value excluding rights

Dec. 2009 Dec. 2012 Dec. 2018 June 2019

760

810

489

164100

200

300

400

500

600

700

800

900

0

In €m

Yearly Growth09 -19: 18%La Rochelle

Cherbourg

Lille

Clermont-Ferrand

Strasbourg

Limoges

LYON

PARIS

AIX-EN-PROVENCE

Marseille

Nice

BORDEAUX

RENNES

Angoulême

Tours

Toulouse

Perpignan

Retail park

Shopping Mall/Foot of Building

Corporate Property

Regional offices

NANCY

19

Attractiveness of national brands

TOP 15 of brands 36% of total rents

Breakdown in rental income by retailer type90%

Nationwide retailers

27% Personal products

26% Household goods

14% Leisure Culture

13% Food

7% Services

7% Beauty and health

6% Discount

20

A solid pipeline

A committed/identified pipeline of nearly €115m

Committed Identified

Committed/Identified pipeline

Alençon (61)

Annemasse (74)

Beynost (01)

Champniers (16)

Decazeville (12)

Echirolles (38)

Étrembières (74)

La Rochelle (17)

La Roche-sur-Foron (74)

Salaise (38)

Salon (13)

Valence (26)

Wittenheim (68)

2019 2020 +

26 28

60

In €m

21

P&C, from growth to yield

Q1 2010

Q1 2015

201620172018

2019December 2010

June 2011

September 2011

December 2012

December 2014

August 2014

P&C founded

BPVF invests

Suravenir invests

Suravenir bond

Integration of Sépric

Predica invests

EuroPP Issue

Trimax operation

Successful stock

dividend 2016: + 70%2017: + 80%2018: + 70%

Corporate loan issue

€50m

RNAV X 5Dividend 66% of the FFO

Assets X 4Market capitalisation X 6

22

Signing of one VEFA and one CPI in the first half of 2019

23

Projects signed in HY1 2019 ANNEMASSE - ÉTREMBIÈRES (74)

Signature of a VEFA and a firm 12-year lease with the brand Courtepaille to build a restaurant

D2D1206

D120

6

Avenue de l’Europe

Rue de l’Industrie

LIDL

LERCLERC FRANCOISE

MARKET ANNEMASSEBONNEVILLE

LE GRAND CASINOD’ANEMASSE

L’arve

A40

FIRST STOP - PNEU 74

ÉTREMBRIÈRESSHOPPING CENTRE

January 2020

1,500 sqm 7.2%

€3.6m

VEFA

24

Projects signed in HY1 2019 (cont.) SALAISE-SUR-SANNE (38)

Acquisition of a commercial building at Salaise-sur- Sanne (38), between Lyon and Valence

Restructuring of the asset into four lots entirely marketed to nationwide retailers (Foir’Fouille, Gedimat, Kiloutou, Speedy) for a total surface area of 3,675 sqm

Delivery of Gedimat and Foir’Fouille in July/August 2019

HY2 2019

3,675 sqm 7.2%

€4.4m

CPI

25

Winning strategy of a high-yield SIIC

The leader of low-cost retail parks in France

Yield greater than 7.0%

Target assets of €1bn

Ratio Loan To Value of around 50%

A distribution rate close to 60% of the FFO€

264Appendices

Retail Park 54 Lexy/Longwy, Longwy (54)

27

Shareholding as at 30 June 2019

25.2 %DUVAL FAMILY

20.4 %PREDICA

( C r é d i t A g r i c o l e )

10.1 %VERGELY

FAMILY

9.5 %BANQUE

POPULAIRE VAL DE FRANCE

( G r o u p e B P C E )

6.4 %GRAFF FAMILY

4.7 %ROBBE FAMILY

4.0 %SURAVENIR

( C r é d i t M u t u e l )

19.7 %OTHER

SHAREHOLDERS AND ENTITIES

Poitiers Porte Sud, Retail Park, Poitiers (86)

28

Governance compliant with the MiddleNext Code

NB: Predica considered non-independent has two members on the Supervisory board and on each sub committee

INVESTMENTCOMMIT TEE

4 independent members/5

AUDIT COMMIT TEE1 independent member/3

COMPENSATIONCOMMIT TEE

1 independent member/2

SUPERVISORYBOARD

15 members, 12 independents

Chairman: Mr Louis Victor